Hao Ding
Research Interests
My research interests lie primarily in the area of Mutual Funds, Asset Pricing, Portfolios Management and LLMs.
Education
- 2020 - present: PhD in Finance and Econometrics, Warwick Business School, University of Warwick
- 2018 - 2019: MSc Risk Management and Financial Engineering (Distinction), Imperial College Business School, Imperial College London
- 2016 - 2018: BSc Mathematics with Business Management (First Class Honours), School of Mathematics, University of Birmingham
- 2014 - 2016: BSc Economics, School of Economics, Huazhong University of Science and Technology
Current Research
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“Mutual Fund Strategy Changes and Performance” 2023
I introduce a new active portfolio management measure, Strategy Shifting, which represents the divergence of the actual weights from the expected weights that the fund should assign to stocks if the fund follows previous stock characteristics based trading strategies. The measure assesses the changes in trading strategies in response to shifts in fundamental information and is free from the benchmark mismatch problem. I show that mutual funds actively altering strategies contribute to improved fund performance. The finding remains robust after controlling for other active management measures and fund characteristics.
Keywords: Mutual Fund Performance, Active Management, Portfolio Management
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“Readability and Sentiment in Mutual fund Shareholder Reports and Performance” 2024
I leverage large language models (LLMs) fine-tuned on financial text to analyse the readability and sentiment of mutual fund shareholder reports. My research reveals a positive correlation between fund performance and readability. Additionally, I demonstrate that sentiment analysis can only effectively predict fund performance when the reports are readable. The poor accessibility of fund shareholder reports disadvantages retail investors, hindering their ability to utilize the valuable information contained within, while affording an advantage to sophisticated investors who can navigate them.
Keywords: Mutual Fund Performance, Shareholder Letters, Textual Analysis, Large Language Models
Supervisors
Constantinos AntoniouLink opens in a new window and Roman KozhanLink opens in a new window
Professional Experience
- 2022 - present: Teaching Fellow, Queen Mary University of London
- 2021 - present: Senior Graduate Teaching Assistant, University of Warwick
I have been proudly volunteering as a Registered Marshal with Motorsport UK since 2022.
Contact details
Finance Group
Warwick Business School
The University of Warwick
Coventry
CV4 7AL, UK